The globalbiofertilizers marketwas valued 2.8 billion in 2022 and is projected to reach USD 5.2 billion by 2028, growing at a CAGR of 10.9% during the study period. The market Size is estimated to be valued at USD 3.1 billion in 2023. Through natural processes such as nitrogen fixation; phosphate solubilization; and the production of compounds that stimulate growth, biofertilizers provide nutrients to plants. They boost soil organic matter and aid in restoring the soil's natural nutrition cycle. By using biofertilizers, growers can increase the sustainability and health of the soil and cultivate healthy crops. Only bacteria and other biological elements that are not damaging to the environment are present in biofertilizers. As a result, they contribute to reducing pollution brought on by agricultural activities, particularly soil pollution.
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By type, nitrogen-fixing biofertilizers is projected to gain largest share in the biofertilizers market during the study period
Increased biological nitrogen fixation, improved nutrient availability or uptake, greater absorption and stimulation of plant growth by hormonal action or antibiosis, or through breakdown of organic wastes are all ways that nitrogen-fixing biofertilizers aid in enhancing crop output. Also, the use of nitrogen fixing biofertilizers as a partial replacement for chemical fertilizers reduces their quantity and cost and shields the environment from contamination caused by their heavy usage. thus driving the growth of segments in the market.
By crop type, fruits vegetables is forecasted to account for the largest share in the market during the research period
Biofertilizers are known to increase the crop productivity of various fruits vegetables. Fruits such as bananas have a substantial nitrogen requirement; hence, the use of biofertilizer, in particular inoculation with Azotobacter, is used as an alternative and results in a higher yield than full doses of nitrogen administration. In correlation with the VAM fungus, there is a rise in the absorption of nutrients that are mobile, such as nitrogen. Organic farming produces high-quality vegetables; thus, more farmers are expected to adopt and use microbial biofertilizers in order for modern agriculture to grow sustainably.
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North America is projected to gain the largest market share in the global biofertilizers market.
North America is projected to gain the largest market share in the global biofertilizers market. The presence of large number of farmers and growers in the region allows them access to a wide range of products at competitive prices. The governments in the region are promoting the use of agricultural inputs, which cause less environmental degradation, and hence are encouraging the use of biofertilizers. In countries such as the US and Canada, farmers are focused on producing cash crops on a larger scale, which is also driving the market in the region.
Key players in this market include Novozymes (Denmark), UPL (India), Chr. Hansen Holding A/S (Denmark), Syngenta (Switzerland), T.Stanes and Company Limited (India), Lallemand Inc (Canada), Rizobacter Argentina S.A. (Argentina), Vegalab SA (Switzerland), IPL Biologicals Limited (India), and Kiwa Bio-tech Product Group Cooperation (China).
